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The Daley Update

Gartmore is offering a 2 per cent discount for all Isa and Pep transfer business into its European selected opportunities fund. The discount, until the end of December, will cut the initial charge to 3 per cent. The fund, managed by Roger Guy, has a Standard & Poor&#39s AAA rating.

Friends Ivory & Sime has made three appointments to its global portfolio construction and fund of funds teams. Robert Pemberton is to be head of global portfolio construction, Richard Philbin will manage funds of funds while Patrick Blessing has been made an analyst on the funds of funds team. Pemberton and Blessing join from inside the Friends Provident group with Philbin from Towry Law.

Schroders has changed the lead fund managers on two of its poorest performing funds. Jeremy Thomas has been replaced by Chris Samford as manager of the £412m Oder portfolio fund while Elizabeth Soon has been replaced by Richard Sennitt on the £111m Far East fund. Soon will remain at Schroders as an institutional fund manager while Thomas has left the firm.

Invesco and Perpetual have completed the merger of their fund ranges, with the exception of the Perpetual Latin American and Invesco Perpetual emerging countries funds. The two funds will remain separate as their mandates are too different. The Perpetual fund will be renamed the Invesco Perpetual Latin American fund.

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